There’s no debating the impact technology has had on every industry recently. Over the past ten years, almost every sector has experienced massive disruptions and overalls. Almost no industry is safe– including property management.
The change from traditional business to a more technologically run institution is something that most are undergoing. This transition may seem scary, but there’s no need to fear! Change is good and this is no exception. With these massive changes, we can see increases in efficiency, accuracy, and communication.
Real estate can be a fantastic investment. It’s generally a safe and secure place to put money that generates annual returns. The advances in tech don’t change this. If anything, they make it easier to capitalize on such a profit-generating business venture.
So what are some of the changes you can expect to see? We’re glad you asked.
Saving the rainforest
That’s right, no more paper, which means no more deforestation! Regardless of your environmental stance, going paperless is usually seen as a net positive for business. Assuming that everything is stored in a safe place, eliminating the need for paper documents increases the security and accuracy of documents, and makes it easier for everyone to find them.
This goes right along with being paperless but then goes a bit further. Just like how properties have a history that can be accessed, so do tenants. By keeping a ledger of all tenant transactions, it makes the rental process go much smoother. Many property managers don’t accept cash at all, making it even easier to track payments and keep them all in one digital place that can be accessed at any time by both the tenant and the property manager. Having a record of all past payments also makes it pretty simple if you ever need to argue an eviction case in front of a judge.
The amount of data available is only going to continue to grow. This can seem overwhelming, but shouldn’t be viewed that way. Instead, it just provides new opportunities to use this data in different ways. For example, advances in technology allow for prospective tenants to virtually walk around spaces with 3-D renderings, allowing people to see spaces in a way beyond photographs.
Speedy information flows
With available technology, property managers are able to find rental information effortlessly, and so can prospective tenants. With internet access, ads in the paper and rental signs are a thing of the past. By posting ads to various websites, property managers are able to fill open spaces even faster than before. This is made even easier with the proper software– in many cases prospective tenants can reserve a showing with the click of a button, automatically blocking off that space on a property manager’s calendar. Technologies converge for an effortlessly automated process.
If you’re in the business of property management and you think any of the above information is pretty neat, then we’ve got even better news for you.
Phoenix is a revolutionary software system working to capitalize on all the technological advancements in this industry. We like all of the stuff listed above too, so we think it would be best all in one handy job management platform that’s easy for you to use.
We love technology– so we handle the tech part and you get all the awesome benefits from it. Sounds pretty cool, huh? We think so too. Check us out for more info!